by Christopher Freeburn | February 28, 2013 11:58 am
Hawaii is a favorite travel destination for people looking to enjoy sun, sand and a lush tropical environment. But few visitors to the 50th state can afford to buy their own airline to get around paradise.
Larry Ellison, the CEO of Oracle (NASDAQ:ORCL), however, can do exactly that. Last year, he reportedly paid more than $500 million to purchase almost all of an island called Lanai from fellow billionaire David Murdock. Now, he has acquired a regional airline serving the island chain, the Los Angeles Times notes.
Island Air, which employs about 245, serves Oahu, Maui, Molokai, Lanai and Kauai, the largest Hawaiian islands. Its three planes make 224 flights a week.
Now that it has a billionaire’s backing, the Island Air says it plans to expand its services, adding more planes and flights.
In October, Ellison told an interviewer that he was interesting in acquiring the Los Angeles Lakers basketball team.
Source URL: http://investorplace.com/2013/02/larry-ellison-buys-hawaiis-island-air/
Short URL: http://invstplc.com/1nzMW09
Copyright ©2017 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.